Starbucks: Marching Ahead


Revenues for the quarter increased 7% to $7.1 billion, inclusive of two points from streamline-driven activities, most notably the conversion of certain international operations from company-operated to licensed stores. Global comparable store sales (comps) increased 5% in the quarter, with traffic contributing two points and ticket contributing another three points. As shown below, the company has seen results stabilize in the mid-single digits following a few years of comp deceleration.

Comps increased by 6% in the U.S. in the quarter, led by strength in beverages (five points). Notably, as highlighted by CEO Kevin Johnson on the conference call, Starbucks’ comps have outpaced their peers in the restaurant and QSR space in each of the past five quarters. The cold beverage platform continues to lead the charge, with growth in all dayparts and regions in the first quarter. In addition, active rewards members in the U.S. increased in the mid-teens to 18.9 million (up nearly 50% cumulatively over the past three years).

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